Hines, Oaktree Buy Carlsbad Office/R&D Property

A Carlsbad, CA office/R&D asset recently traded hands as international real estate firm Hines moved to acquire the property along with a real estate fund managed by Oaktree Capital Management, L.P. The transaction for the property was completed for an undisclosed amount, and arranged by Greg Mills, Michael Lawrence, Ben Tashakorian and Alex Jize of Marcus & Millichap on behalf of the seller.

“Carlsbad is a highly attractive submarket where Hines and Oaktree expect to grow our portfolio,” said Paul Twardowski, a Hines senior managing director, in a statement. He cited the Carlsbad’s attractive lifestyle and upscale demographics.

Current tenants include gaming giant Activision Blizzard, which produces the Warcraft and Call of Duty series, and Melles Griot, the global optics systems company. Hines, which will also serve as on-site property manager, plans upgrades to trim the property’s current 36 percent vacancy level.